Updates to watercraft policy wordings and coverages

Our watercraft product has been updated with a rate change, new policy wordings and coverages in all provinces except British Columbia.
Here are the highlights:

Rate changes

  • +5% rate change for Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador
  • +7% rate change for Alberta, Manitoba, Saskatchewan, Northwest Territories, Yukon
  • Clarified policy wordings and added new coverages

New features

  • Pet injury – coverage of $1,000 for veterinary expenses for pets injured as a result of a covered claim (not available on liability-only policies).
  • Claims forgiveness endorsement – available to customers who have been claim-free with us for three years in a row and will be added to eligible policies.
  • Search and rescue and fire department charges – now covered if used during a claim.

Amended coverages

  • Newly-acquired watercraft - now includes the full benefits of the policy, including liability, physical damage and towing as a result of a disability. 
  • Emergency towing – clarified that this cost is covered when the watercraft becomes disabled while afloat. 
  • Navigation territory – Western Canada customers have been advised to review their policy wordings to better understand updates, especially if navigating the Coastal Waterways of British Columbia.

For full list of changes, please review. Questions? Please contact your Business Development Specialist.